Q3 2024 DIRTT Environmental Solutions Ltd Earnings Call
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Speaker Change: Good day. Thank you for standing by. This is the conference operator. Welcome to the DIRT Environmental Solutions 3rd Quarter 2024 Financial Results Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded.
Speaker Change: I would now like to turn the conference over to Shawna Mason, Director of Corporate Affairs. Please go ahead.
Shawna Mason: Thank you, Operator, and good morning, everyone. Welcome to today's call to discuss DIRT's third quarter 2024 results.
Speaker Change: Joining me on the call today will be Benjamin Urban, CEO, and Fareeha Khan, CFO.
Speaker Change: Today's call will include forward-looking statements within the meaning of applicable Canadian and United States security laws. These statements are based on the company's current intent, expectations, and projections. They are not guarantees of future performance.
Speaker Change: In addition, this call will reference non-GAAP results excluding special items.
Speaker Change: Please reference our Form 10-Q as filed on November 6, 2024 with the Securities and Exchange Commission or SEC.
Speaker Change: and other reports and filings with the SEC for information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results.
Speaker Change: I will also remind you that this webcast is being recorded and a replay will be available early next week.
Speaker Change: I now turn the call over to Benjamin. Thank you, Shawna, and good morning, everyone. This quarter marks DIRT's sixth consecutive positive-adjusted EBITDA quarter. Our financial position remains strong, and our short- and long-term pipeline is growing in line with our expectations.
Benjamin: As we look towards 2025, we are working on a commercial strategy designed to diversify our business.
Benjamin: and I've added new senior leadership in key parts of the organization to help drive it forward.
Benjamin: Construction is a multi-billion dollar industry, and increasing challenges, such as rising costs, labor shortages, and concerns regarding environmental impact, are leaving end customers in search of a better alternative to mitigate such challenges.
Speaker Change: Our key differentiators, including custom, adaptable products, industry-leading delivery times, and sustainability benefits, continue to increase the business case to build with DIRT.
Speaker Change: In addition to our financial results, we will be sharing key business and operational highlights on today's call. I'll now hand it over to Fareeha to discuss the financials.
Fareeha Khan: Thank you Benjamin and good morning to our listeners. Please note that we have issued a press release discussing our third quarter results which is available on our website.
Fareeha Khan: We have also provided additional analysis in a supplemental presentation, which is also now available on our website. Revenues for the third quarter were $43.4 million, down 12% compared to the same period in 2023.
Speaker Change: The decrease in revenue was largely due to three large commercial projects and one large healthcare project that occurred in 2023 and did not repeat in 2024.
Speaker Change: On gross profits, we continue to maintain strong margins. Compared to the third quarter of 2023, gross profit margin increased from 34.4% to 38.8% in the third quarter of 2024.
Speaker Change: Adjusted gross profit margin, which excludes the impact of depreciation and amortization, increased from 36.9% in the third quarter of 2023 to 40.7% in the third quarter of 2024.
Speaker Change: Despite the higher gross profit margin, gross profit values decreased from $17.1 million to $16.8 million in the third quarter due to lower revenues as explained earlier.
Speaker Change: Consistently what we have shared before, the improved margin is primarily due to improved operational efficiencies.
to assess the inflationary impacts of material costs.
Speaker Change: Our 12-month forward sales pipeline, excluding leads at October 1, 2024, was $255 million, a decrease compared to $283 million at October 1, 2023.
Speaker Change: The decrease is due to phasing of a large project that we had included in our October 1, 2023 pipeline over a period of three years.
Speaker Change: We believe our pipeline has both higher integrity and more projects further along in the process, and therefore we are maintaining our revenue guidance for 2025 at $194 million to $209 million.
Speaker Change: Operating expenses for the third quarter were $15.6 million compared to $23.2 million for the same quarter last year.
Speaker Change: The prior year quarter included an impairment charge of the Rockhill Facility of $8,000,000. Excluding this charge, operating expenses for the quarter were slightly higher than the previous year quarter due to additional professional fees this year related to the debenture repurchase and the special meeting of shareholders that was held this past September.
Speaker Change: Our net income after tax for the third quarter of 2024 was $7.1 million compared to a loss of $6.3 million for the same period of 2023.
Speaker Change: Net income after tax was impacted by the gross profit decrease and operating expense increase explained earlier.
Speaker Change: Additionally, in the third quarter of 2024, we benefited from a gain on extinguishment of convertible debt of $7.5 million.
Speaker Change: and a $0.2 million increase in interest income offset by a $1.2 million increase in foreign exchange loss and a $0.3 million increase in interest expense.
Speaker Change: Adjusted EBITDA for the third quarter was $4.1 million, a decrease of $1.2 million from a $5.3 million adjusted EBITDA during the third quarter of 2023.
Speaker Change: As explained earlier, this decrease is due to the decrease in gross profit due to lower revenue levels and higher operating expenses.
Speaker Change: This is now DIRT's sixth consecutive quarter of positive adjusted EBITDA and we are pleased with the success of operational efficiencies implemented over the past two years.
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I will now turn to our balance sheet.
Speaker Change: The quarter finished with $23.6 million in unrestricted cash, down $1.1 million from $24.7 million at December 31, 2023, and down $15.9 million from June 30, 2024.
Speaker Change: Cash decreased from June 30, 2024 mainly due to a $16.2 million repayment of long-term debt, which I will explain later on in this call.
Speaker Change: Cash provided by operations was 1.5 million, while cash used in investing activities, mainly capital expenditures, was 0.6 million for the quarter.
Speaker Change: Our working capital continues to improve. Net working capital at the end of the quarter was $34.1 million, up $4.4 million from December 2023, primarily due to a decrease in accounts payable and accrued liabilities of $3.6 million, a decrease in customer deposits and deferred revenue of $1.8 million, offset by a decrease in cash of $1.1 million.
Speaker Change: Liquidity, which includes $10.7 million of availability under our ABL facility, was $34.3 million as of September 30, 2024.
Speaker Change: We have not drawn on this facility to date. During the year, we entered into various transactions to reduce DIRT's long-term debt.
Speaker Change: As described in our 10Q, we entered into a substantial issuer bid, a debenture repurchase, and a normal course issuer bid, through which we have reduced our long-term debt.
Speaker Change: from $56.1 million at December 31, 2023 to $23.9 million at September 30, 2024.
Speaker Change: The debt was paid down at a discount and we recognized a gain on extinguishment of debt of 10.4 million in the nine-month period to date.
Speaker Change: With our forecasted adjusted EBITDA we expect to have a debt leverage ratio of approximately 1x going forward into 2025.
Speaker Change: We are evaluating options on whether to pay off or refinance the remaining debentures when they become due in 2026.
Speaker Change: This concludes the Earnings and Financial Position Report. Looking forward, we have provided forecasted revenue and adjusted EBITDA figures for the remainder of 2024 and 2025.
Speaker Change: Details, as well as our cautionary advisory on our forward-looking statements can be found in our press release and TENQ. I will now turn it back to Benjamin to discuss DIRT's business updates.
Fareeha Khan: Thank you, Fareeha. DIRT's leadership team met in Q3 to plan for the future. We finalized our new mission, vision, and value statements and determined four strategic priorities for the next three years.
Benjamin Urban: Revenue growth, continued expansion of DIRT's proprietary ICE software, accelerated innovation, and investment in talent.
Benjamin Urban: Our vision is to transform how the world builds, which comes to life through key differentiators, such as our high-quality, flexible products, efficient delivery times, and our end-to-end technology.
Benjamin Urban: As we lean into our values we continue to focus on removing bottlenecks for our commercial team and construction partners.
Benjamin Urban: Acceleration of our pipeline growth is top of mind. Our new diversified sales channels such as other prefabricators are contributing to our commercial strategy. We're reducing administrative tasks and offering our internal teams to support the sales cycle.
Benjamin Urban: Underlying all of this is innovation which fuels multiple aspects of the business from the products we bring to market, to our commercial strategy, to identifying more efficient ways to work.
Benjamin Urban: It's embedded in our culture and our way of thinking and we continue to see the benefits
Benjamin Urban: In addition to welcoming four new partners year-to-date that will service 11 major markets, we also congratulate our tenured construction partners for their commitment and continued growth and expansion into additional geographic areas to expand DIRT's market reach.
Benjamin Urban: Within our direct sales force we've layered in a new sales representative in the Midwest and have already begun building an internal sales support team to assist our entire direct sales force to expand their business development capabilities.
Benjamin Urban: We also added additional team resources in Q3 to our integrated solutions team to address growth and increased demand for upcoming projects that are new to our pipeline, delivered both through that channel as well as in coordination with our construction partners.
Benjamin Urban: The client, one of the largest ambulatory networks, is using these two projects as test cases for speed to market and cost certainty for a planned future expansion.
Benjamin Urban: Agile Interiors, one of DIRT's construction partners in Houston, will oversee procurement of DIRT material and the design and project management of DIRT solutions.
Benjamin Urban: This approach demonstrates an innovative approach to integrating our partners and external general contractors who self-perform for the benefit of the end client. In Q3, over 800 projects were ordered, and the following is a small sampling from some of those projects.
Benjamin Urban: Dirt recently shipped products to San Diego for our second One Safe Place project. One Safe Place South Bay is a family justice center designed to support victims of domestic violence, human trafficking, elder abuse, and child abuse.
Benjamin Urban: DIRT partnered with community organizations and law enforcement to build a safe and welcoming environment where individuals and families can access essential resources and services.
Benjamin Urban: DIRT's approach to this project emphasized flexible, modular construction that allows the space to adapt to changing needs without extensive renovations.
Benjamin Urban: The facility utilizes dirt timber, solid walls, casework, power, networks, graphics, glass storefronts, and raised access floors.
Benjamin Urban: The completion of the One Safe Place project demonstrates DIRT's commitment, not only to innovative construction, but also to projects that create a positive impact on communities.
Benjamin Urban: Our sales volume with national account clients remains exceptionally strong, particularly within the commercial vertical, namely the financial services sector, reflecting a 22% increase in 2024.
Benjamin Urban: Our trusted partnerships with major clients like JPMorgan Chase, Bank of America, Wells Fargo, and Fifth Third Bank underscore our ability to deliver on large-scale complex projects.
Benjamin Urban: These projects showcase our diverse range of solutions, including mass timber, high-quality casework, solid walls, and glass storefront systems, meeting the unique requirements of each client and setting new standards and design and functionality within the financial services industry.
We're experiencing growth in the commercial office vertical.
Benjamin Urban: As more employees continued to return to the office with clients such as TJX, Kiewit, Chick-fil-A, CMEX, and CNRL. Our government sector was quite active with orders from the County of San Diego, the Arkansas House of Representatives, the Attorney General's Office, and the U.S. Court of Federal Claims.
Benjamin Urban: In our education vertical, University of Arkansas, LaSalle College, Goose Creek Independent School District, and the University of Miami all invested in our solutions.
Benjamin Urban: Last quarter, we shared the preview of our new healthcare product, The Cove, an innovative solution that addresses the space challenges faced by emergency departments across the United States. Officially launching in November, we're already seeing positive demand for The Cove, with over 15 major health systems interested.
Benjamin Urban: The industry also recognized the cove with two significant product awards for most innovative and architects choice at the 2024 healthcare facility symposium and Expo.
Benjamin Urban: We recently featured the Cove at the Healthcare Design Conference in Indianapolis.
Benjamin Urban: Using a cutting-edge virtual reality experience, we showcase the value of DIRT's construction method in the healthcare vertical. Modular medical gases, electrical, walls, casework, and data all drove home the fact that the DIRT system represents the future of healthcare construction.
Benjamin Urban: In addition to the Cove, we continue to expand our product catalog in Q3 with the latest installment of the Spectra Door product line.
Benjamin Urban: This version is a double pane swing door that meets acoustical and design aesthetics for higher performance requirements and offers a wider range of value and choice to our customers.
Benjamin Urban: With the Barn Door version planned for release in Q4, the full Spectra portfolio will have been completed in 2024.
Benjamin Urban: Spectre represents the fastest growing product DIRT has launched over the past two years and preparations are in place to expand manufacturing capabilities for higher demand as organic growth continues.
Benjamin Urban: A critical driver of our innovation process is our design integration software, ICE.
Benjamin Urban: We have committed to ongoing enhancements to the software to deliver more value and drive more efficiency for our customers. In Q3, in addition to launching ICE Manager and Design Editor, the team made updates to enable our partners to rely less on the DIRT Support Team to specify their designs in ICE.
Benjamin Urban: including pricing for custom back-painted glass tiles, the ability to discount Inspire products directly, and adding more weight data for our doors. We are leveraging ICE to drive more operational efficiency and cost savings.
Benjamin Urban: The DIRT technology team partnered with operations to begin collecting and reporting on wood consumption across all factories in preparation for an optimization project with the potential for significant material cost savings.
The team also uses pipeline data to forecast expected revenues.
Benjamin Urban: This quarter, we were over 95% accurate. This helps the procurement team make informed decisions on purchasing and inventory levels. In addition to our existing capabilities. The team continues to experiment with tools such as AI for future applications that will accelerate automate and optimize business processes and increased productivity.
This quarter we were over 95% accurate.
Benjamin Urban: This helps the procurement team make informed decisions on purchasing and inventory levels. In addition to our existing capabilities, the team continues to experiment with tools such as AI for future applications that will accelerate, automate, and optimize business processes and increase productivity even further.
Benjamin Urban: Even further.
Benjamin Urban: Our operations team continues to excel in its goal of zero defects missed deliveries and workplace injuries or total recordable incident rate was <unk> 63, which is 85% below the industry average our on time and full delivery performance was 99, 2% for the quarter.
Benjamin Urban: Our operations team continues to excel in its goal of zero defects, missed deliveries, and workplace injuries.
Benjamin Urban: Our total recordable incident rate was 0.63, which is 85% below the industry average. Our on-time and full delivery performance was 99.2% for the quarter.
Benjamin Urban: In early October dirt was recognized for our operational excellence by IC G. The industrialized construction group. We are awarded the industrialized construction maturity assessment or ICM, a platinum medallion, a new program designed to recognize outstanding performance across key disciplines of <unk>.
Benjamin Urban: In early October, DIRT was recognized for our operational excellence by ICG, the Industrialized Construction Group. We are awarded the Industrialized Construction Maturity Assessment, or ICMA, platinum medallion.
Benjamin Urban: A new program designed to recognize outstanding performance across key disciplines of industrialized construction, and the Platinum Medallion is the program's highest achievement.
Benjamin Urban: Industrial is construction and the platinum medallion is the programs highest achievement.
Speaker Change: Dirt underwent a comprehensive data driven third party assessment to evaluate our performance in multiple areas and we scored in the top 1% or higher to achieve the platinum medallion.
Benjamin Urban: This reflects industry leadership manufacturing excellence strategic integration design excellence and exemplary ESG standards.
Benjamin Urban: This reflects industry leadership, manufacturing excellence, strategic integration, design excellence, and exemplary ESG standards.
Benjamin Urban: Not only does this reinforce our dedication to the highest quality in our industry, but it provides us with a valuable roadmap for continuous improvement and innovation.
Benjamin Urban: Not only does this reinforce our dedication to the highest quality in our industry, but it provides us with a valuable roadmap for continuous improvement and innovation.
Benjamin Urban: We are grateful to our partner network for their role in this period of continued growth for dirt last month, we hosted partner camp in Calgary for our construction partners with over 400 attendees. We brought this group together in person for the first time in five years to share best practices compare strategies planned for the future and <unk>.
Benjamin Urban: We are grateful to our partner network for their role in this period of continued growth for DIRT. Last month, we hosted Partner Camp in Calgary for our construction partners with over 400 attendees. We brought this group together in person for the first time in five years to share best practices, compare strategies, plan for the future, and celebrate wins.
Benjamin Urban: Allobrain wins.
Benjamin Urban: The agenda reflected our commitment to innovation in our products and processes into solving challenges for the industry.
Benjamin Urban: The agenda reflected our commitment to innovation in our products and processes and to solving challenges for the industry.
Benjamin Urban: Our people are the heart of <unk> business, we are committed to developing our talent, bringing an exceptional people and creating a strong culture. We are pleased to share that <unk> has a new SVP of talent Wilhelmina Ash and Koji, who joined the organization in October she will be responsible for driving our talent strategies and initiatives and advancing our goal of making dirt and <unk>.
Speaker Change: Our people are the heart of DIRT's business. We have committed to developing our talent, bringing in exceptional people, and creating a strong culture. We are pleased to share that DIRT has a new SVP of Talent, Wilhelmina Ashinkoji, who joined the organization in October. She will be responsible for driving our talent strategies and initiatives.
Speaker Change: Lawyer of choice.
Speaker Change: and Advancing Our Goal of Making DIRT an Employer of Choice.
Speaker Change: Impressive background of more than 24 years of experience in HR operations leadership development compensation and benefits and organizational strategy will be key to our commitment to build and maintain a strong and dynamic workforce connecting with our community as a part of dirt story. This quarter. Many members of our Calgary team participated in the <unk>.
Speaker Change: Her impressive background of more than 24 years of experience in HR operations, leadership development, compensation and benefits, and organizational strategy will be key to our commitment to build and maintain a strong and dynamic workforce.
Benjamin Urban: Connecting with our community is a part of Dirt Story. This quarter, many members of our Calgary team participated in the annual Calgary Corporate Challenge.
Benjamin Urban: Annual Calgary corporate challenge tackling 22 of 23 eligible events during several days of camaraderie and team building the Calgary corporate challenges, our local organization with a vision of unifying the Calgary business community. The dirt team came together for some fun competition and one of few metals in the process. It was a great opportunity to spend.
Benjamin Urban: tackling 22 of 23 eligible events during several days of camaraderie and team building. The Calgary Corporate Challenge is a local organization with a vision of unifying the Calgary business community. The DIRT team came together for some fun competition and won a few medals in the process.
Benjamin Urban: Together outside of the office and interact with other local businesses in.
Benjamin Urban: It was a great opportunity to spend time together outside of the office and interact with other local businesses.
Benjamin Urban: In Q3, our team also continued the recently launched volunteer initiative, dedicating time to creating and handing out comfort kits to people in need around Calgary running our bottles and cans collection to support the Jasper wildfire relief efforts participating in a fund raiser for the center for suicide prevention and supporting the Calgary Food Bank, we're proud to have dedicated.
Benjamin Urban: In Q3, our team also continued the recently launched volunteer initiative, dedicating time to creating and handing out comfort kits to people in need around Calgary, running a bottles and cans collection to support the Jasper wildfire relief efforts, participating in a fundraiser for the Center for Suicide Prevention, and supporting the Calgary Food Bank.
Benjamin Urban: <unk> employees, who not only care for each other but also for our community.
Benjamin Urban: We're proud to have dedicated employees who not only care for each other, but also for our community.
Benjamin Urban: Lastly on the ongoing folk built litigation, we are pleased to provide a very positive update on our Canada lawsuit.
Benjamin Urban: Lastly, on the ongoing Falkvilt litigation, we are pleased to provide a very positive update on our Canada lawsuit.
Benjamin Urban: Last quarter, we mentioned that in Canada as a potential alternative to the summary judgment application on liability dirt recently took advantage of a new pilot project introduced by the Alberta Court of King's bench to seek a full trial on both liability and damages to expedite the matter to conclusion.
Benjamin Urban: Last quarter, we mentioned that in Canada, as a potential alternative to the summary judgment application on liability, DIRT recently took advantage of a new pilot project introduced by the Alberta Court of King's Bench to seek a full trial on both liability and damages to expedite the matter to conclusion.
Benjamin Urban: Pleased to share that on October 25, 2024, the honorable Mr. Justice Pullman of the court of King's bench of Alberta.
Benjamin Urban: We're pleased to share that on October 25th, 2024, the Honorable Mr. Justice Pullman of the Court of King's Bench of Alberta.
Benjamin Urban: Granted a court order directing the clerk of the court schedule, an eight week trial on the first available dates after December eight 2025 to determine all issues, including damages and liability.
Benjamin Urban: Granted a court order directing the clerk of the court to schedule an eight week trial on the first available dates after December 8th, 2025 to determine all issues, including damages and liability.
Benjamin Urban: Trial dates should be scheduled in approximately two weeks in the trial will be completed in the first half of 2026. Once the trial date has been scheduled dirt would withdraw its summary judgment application as the trial will cover all of the issues in dispute between the parties.
Benjamin Urban: The exact trial date should be scheduled in approximately two weeks, and the trial will be completed in the first half of 2026.
Benjamin Urban: Once the trial date has been scheduled, DIRT will withdraw its summary judgment application as the trial will cover all of the issues in dispute between the parties.
Benjamin Urban: This is a great outcome, we have confidence in the strength of our case and we are glad this matter will go to court in the next 18 to 24 months.
Benjamin Urban: This is a great outcome. We have confidence in the strength of our case and we are glad this matter will go to court in the next 18 to 24 months.
Speaker Change: In the U S litigation folk built has refused to respond to discovery, whilst fault build also resisted the entry of a scheduling order after motion practice and an order from the magistrate judge the court entered a scheduling order requiring discovery to be completed by February 2025.
Benjamin Urban: In the U.S. litigation, Falkveld has refused to respond to discovery. Whilst Falkveld also resisted the entry of a scheduling order after motion practice and an order from the magistrate judge, the court entered a scheduling order requiring discovery to be completed by February 2025.
Benjamin Urban: The court set a pretrial conference for October 17th 2025.
The court set up pre-trial conference for October 17th, 2025.
Benjamin Urban: <unk> has also retained two experts briefing on fault belts motion to stay the case and renewed motion to move the case to Canada is fully briefed dirt is preceding as though the motion will be denied we are seeking $100 million of damages as part of the second amended complaint.
Benjamin Urban: DIRT has also retained two experts. Briefing on Falkveld's motion to stay the case and renewed motion to move the case to Canada is fully briefed. DIRT is proceeding as though the motion will be denied. We are seeking $100 million of damages as part of the second amended complaint.
Benjamin Urban: As with our Canada case, we have a strong confidence in the outcome of our case.
Benjamin Urban: As with our candidate case, we have a strong confidence in the outcome of our case.
Benjamin Urban: This is an exciting time for dirt and we look forward to continued momentum. Thank you all for joining us today.
Benjamin Urban: This is an exciting time for DIRT and we look forward to continued momentum. Thank you all for joining us today.
Speaker Change: Thank you for your participation in today's conference. This does conclude the program you may now disconnect.
Benjamin Urban: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.
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